Who in Pharma Actually
Creates Value?
Six independent indicators. 676 companies. Zero analyst subjectivity.
EbiCap links clinical evidence, executive pay triggers, patent transfers, and settlement history into one unified accountability score — built for ESG teams, health policymakers, and researchers who need more than the annual report.
The Accountability Gap
$3.2 Trillion in Annual Health Value.
Most of it is left on the table.
Murphy & Topel (2006) estimated that extending average life expectancy by one year in the U.S. alone generates approximately $3.2 trillion in social welfare annually. The pharmaceutical industry is the sector most capable of delivering that value. So why isn't it?
Compounds sharing an existing WHO pharmacological class — me-too drugs crowding out genuine innovation.
Across Health Technology Assessments (HTAs) — the formal process European regulators use to evaluate how much a drug improves on existing treatments — only ~10% score a major or outstanding advance.
The 10 largest pharma companies paid more in enforcement actions than the combined R&D budget of the smallest 200. The market mechanism is broken.
Drugs achieving a major benefit rating generate 249 additional quality-adjusted life days per patient vs. just 1 day for standard-review approvals. Yet over 40% of accelerated approvals still lack confirmatory trial outcomes. (Chambers et al. 2017, Med Care; GAO-21-241)
Sources: Murphy & Topel (2006) · WHO Global Burden of Disease 2023 · Health Technology Assessment bodies: NICE (UK), G-BA (Germany), HAS (France) · DOJ enforcement tracker · FDA (U.S. Food & Drug Administration)
Built For
Who Uses EbiCap
Four professional communities. One shared need: real-world data that drives commercial strategy, informs health policy, and holds the industry accountable.
ESG & Responsible Investment
Your pharma holdings are exposed
Not just to reputational risk — to regulatory risk, litigation risk, and the risk that the pipeline your valuation model assumes doesn't actually deliver clinical value. EbiCap gives you a Therapeutic Impact score for every major company, updated daily from regulatory filings and drug benefit assessments (Health Technology Assessments).
- ✓ Flag value-capture (VCShi) pay structures before the next scandal
- ✓ Audit health KPIs on sustainability-linked bonds (SLBs)
- ✓ Compare innovation quality across holdings in one view
Health Policy & Advocacy
You know the argument. We have the evidence.
EbiCap's Disease Gap Map cross-references WHO Global Burden of Disease (GBD) disability-adjusted life year (DALY) burden against active clinical trial counts — showing exactly which conditions are being neglected relative to their global health impact. The Neglect Index gives you a single, citable figure. Export-ready tables with full source citations.
- ✓ Identify diseases with zero pipeline despite high burden
- ✓ Track economic value of unmet medical need
- ✓ Academic methodology, peer-reviewable sources
Investigative Research & Journalism
The story is in the data.
A drug gets conditional approval. The confirmatory trial is abandoned. The price is set at $200K per year. Physician payments keep flowing. EbiCap cross-links FDA approval pathways, drug benefit ratings (Health Technology Assessments), settlement histories, and institutional fund ownership — so you can find the story your competitors missed.
- ✓ Search 12 linked public-data sources in one query
- ✓ Settlement tracker with enforcement action history
- ✓ Physician payment + executive compensation linkage
Commercial & Medical Affairs
Launch with evidence. Position with precision.
Brand health, drug benefit landscape (Health Technology Assessments), competitive pipeline intelligence, and physician-level payment signals — structured and ready for commercial teams at launch and beyond. EbiCap turns fragmented public data into the market intelligence layer your strategy team needs to act confidently.
- ✓ Drug benefit benchmarks across UK (NICE), Germany (G-BA), France (HAS)
- ✓ Competitive pipeline positioning by indication
- ✓ Key Opinion Leader (KOL) & physician payment flow mapping
The Framework
Six Dimensions of Pharmaceutical Value
Each company is assessed across clinical, financial, governance, and societal dimensions — derived entirely from public regulatory filings, clinical trial registries, and health technology assessments.
Dimension 01
Clinical Benefit
Health Technology Assessment (HTA) ratings from NICE (UK), G-BA (Germany), and HAS (France) translate drug evaluations into a 0–4 benefit score measuring genuine therapeutic advance. A drug approved by the FDA but rejected by European payers is not the same as a genuine breakthrough — EbiCap makes that distinction explicit.
View HTA RatingsDimension 02
R&D vs. Extraction
Annual R&D expenditure from 10-K filings versus shareholder payouts (buybacks + dividends) reveals capital allocation priorities.
View LeaderboardDimension 03
Disease Burden
WHO Global Burden of Disease (GBD) disability-adjusted life years (DALYs) weight clinical benefit by the societal importance of each condition — a cure for a rare disease is different from a treatment for a common one.
View Disease MapDimension 04
Executive Incentives
DEF 14A proxy NLP extracts VCSi (society-oriented) vs. VCShi (shareholder-oriented) compensation triggers for each company. A CEO whose bonus unlocks when a drug sells more — regardless of patient outcomes — is classified VCShi. We read every proxy statement so you don't have to.
View CompaniesDimension 05
Patent Landscape
FDA Orange Book linkage reveals which approved drugs originate from federally funded research — highlighting the public-to-private IP transfer.
Explore PatentsDimension 06
Clinical Pipeline
350k+ clinical trials (Phase 1–4 interventional & observational) from ClinicalTrials.gov — searchable by condition, phase, designation, and sponsor.
Explore TrialsData Infrastructure for Commercial Teams
What No Other Platform Covers
EbiCap is not a news aggregator or a data vendor re-selling IQVIA feeds. We built the analytical layer from scratch — from academic methodology to automated pipeline.
First & Only
VCSi Compensation Analysis
We classify every CEO pay trigger as Value Creation for Society (VCSi) or Value Capture from Society (VCShi) — drawn from Roller (2023, PhD thesis). Bloomberg doesn't cover this. No ESG vendor does. We read every proxy statement and score whether bonuses are tied to patient outcomes or to revenue and market share. If a CEO earns a bonus for selling an expensive drug — not for improving patient health — that's VCShi. You'll know before the next annual report.
View Governance Data →3 Regulators → 1 Score
Unified HTA Benefit Score
NICE (UK), G-BA (Germany), and HAS (France) each evaluate drugs on their own rating scale — and they frequently disagree. We translate 3,000+ HTA decisions across all three bodies into a unified 0–4 benefit score. For the first time, you can compare the therapeutic value of two drugs approved in different countries on the same axis — and identify where a company's drug was rejected by European payers that FDA approved.
Explore HTA Ratings →Public Money → Private Profit
Public-to-Private IP Tracker
FDA Orange Book cross-referenced against NIH grant records reveals which approved drugs originated from federally-funded scientific discoveries. The U.S. taxpayer funds the basic research. A pharma company files the patent. The drug is priced at $100K/year. EbiCap maps this pipeline: which companies' most profitable drugs rest on public-funded foundations — and whether the pricing reflects that origin.
Explore Patent Data →Burden vs. Effort
Disease Neglect Index
WHO GBD DALY burden divided by active clinical trial count per condition. A simple ratio with a devastating implication: the diseases that kill and disable the most people — tuberculosis, lower respiratory infections, neonatal conditions in low-income settings — attract the fewest trials relative to burden. EbiCap ranks every mapped condition on this index, with economic welfare values from Murphy & Topel to show what a cure would be worth.
View Gap Map →Methodology
How the TF Score is Built
Every company score is constructed from five automated stages — no analyst subjectivity, no paid data feeds. The full pipeline replicates daily.
Source Data
SEC annual reports (10-K) and executive pay filings (DEF 14A) from EDGAR, ClinicalTrials.gov, FDA Orange Book, drug benefit guidance from NICE (UK) / G-BA (Germany) / HAS (France), and WHO Global Burden of Disease 2023.
Entity Resolution
Companies, drugs, and trials are linked via SEC company identifiers (CIK), New Drug Application numbers (NDA), and fuzzy-name matching across all sources into a unified graph.
Five Pillars
Each entity contributes to one or more pillars: Clinical Benefit, R&D Allocation, Disease Burden, Executive Incentives, Patent Landscape.
Normalization
Raw values (disability-adjusted life years, R&D %, drug benefit scores) are percentile-ranked against the full universe of 633 companies to produce 0–100 pillar scores.
TF Score
A weighted composite across all five pillars yields the final Therapeutic Impact score — updated automatically each time source data changes.
Preview — sign in to explore all companies
Regime Classification
VCSi-dominant
Key Findings
Three Structural Problems, Quantified
These are not anecdotes. They are industry-wide patterns that emerge from linking 12 public regulatory, clinical, and financial data sources at full-market scale.
More than 14% of classified pharmaceutical products share their pharmacological class with a prior drug — an industry-wide pattern of R&D capital flowing to proven, low-risk territory. Safe for shareholders. Unsafe for patients with unmet needs.
Explore me-too map →Across thousands of Health Technology Assessments (HTAs) from UK, German, and French regulators, only ~10% of evaluated drugs demonstrate major or outstanding therapeutic improvement. The other 90% are approved. They are prescribed. And they cost the health system as though they were breakthroughs.
View HTA breakdown →The global clinical trial landscape is heavily skewed toward wealthy-country diseases. EbiCap's Neglect Index ranks every disease by disability-adjusted life years (DALYs — a measure of disease burden) per active trial — revealing the systematic gap between where the burden falls and where the investment flows.
View disease coverage →Eisai's Lecanemab (Leqembi)
FDA Accelerated Approval — January 2023 · Price: $26,500/patient/year
Clinical Verdict
NICE (UK): Not recommended for NHS
G-BA (Germany): Minor additional benefit only
Drug Benefit Score: 1.5 / 4
Compensation Trigger (FY2022)
Linked to net sales of Leqembi
No patient outcome trigger
No functional independence metric
EbiCap Assessment
31 / 100 TF Score
Value-Capture design (VCShi) — revenue-linked incentives
Compensation captures health expenditure, not patient value
“A CEO bonus that unlocks when an expensive drug sells more — regardless of whether patients do better — is the precise mechanism by which Value is Captured from Society rather than Created for it. EbiCap surfaces this pattern automatically, across every company we track, every quarter.”
Capital Allocation
The R&D Misallocation Problem
When capital concentrates in therapeutically redundant compounds, the opportunity cost is measured in breakthrough drugs not developed — and human lives cut short. This is not inefficiency. It is a predictable outcome of misaligned incentives.
The Human Cost
What Does Misallocation Cost Society?
Every year that R&D capital flows to a me-too duplicate instead of an unmet need, a disease goes without a cure. Murphy & Topel valued a year of life at $2.4M. Select your country and investment horizon to see the real-world arithmetic.
Your Life. Your Money. Their Choices.
The Personal Cost of Pharmaceutical Misallocation
Select your country to see how pharmaceutical R&D priorities have affected your life expectancy — and compare what $10 k invested in the S&P 500 would return versus a portfolio screened for high TF scores.
Investment Comparison 2018 → 2024
S&P 500 vs TF Top-Quartile Portfolio
Investing in companies that score highest on Therapeutic Impact — does ethics beat the market?
Past performance does not guarantee future results. TF portfolio returns are derived from backtested MPT (Modern Portfolio Theory) max-Sharpe construction using top-quartile TF-score companies, rebalanced annually 2018–2024. S&P 500 returns include dividends (SPY ETF).
Platform in Practice
See It in Action
Three professional workflows — showing exactly what EbiCap uncovers that no single Bloomberg terminal, IQVIA feed, or ESG vendor can.
The signal no Bloomberg terminal covers
An ESG (Environmental, Social, Governance) analyst detects a value-capture pay structure (VCShi) 18 months before a European drug rejection — avoiding a portfolio loss and opening a formal engagement on patient outcome KPIs.
Read the case studyFinding the $500B disease nobody is treating
A health ministry team uses the Disease Gap Map and Economic Value toggle to quantify the mortality cost of neglect — and build the evidence base for a national rare-disease fund.
Read the case studyReal-world evidence that shapes launch positioning
A pharma commercial team maps the HTA benefit landscape across three regulators, benchmarks their pipeline against competitor approvals, and aligns brand messaging with evidence that payers actually accept.
Read the case studyPlatform Access
Request a demo
Get guided access to EbiCap's full analytics platform — covering 633 pharmaceutical companies, 350,000+ clinical trials, and 10 years of regulatory and financial data.
- Live leaderboard with filterable TF scores
- Disease burden × trial coverage gap analysis
- HTA benefit maps across NICE · G-BA · HAS
- Executive incentive alignment scoring
- R&D vs. shareholder payout comparison
12 Live Public Data Sources — Updated Automatically